8 hours ago
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Paris-based multinational TotalEnergies confirmed it had sold its shares in Philippine fuel marketing joint ventures to Villavicencio-led Filoil Philippines Corp.
In a statement, TotalEnergies specified the sale included its shares in Total Philippines Corp. (TPC), Filoil Logistics Corp., and La Defense Filipinas Holdings Corp.
"Following the acquisition, the three companies are fully owned by the Filoil group, which will retain rights to operate under the Total brands for up to three years," TotalEnergies stated.
The confirmation came in response to the Manila Bulletin's report on Monday, March 17, that TotalEnergies had quietly exited its Philippine businesses.
TotalEnergies said that the sale aligns with its business strategy in the country.
However, the company clarified that TotalEnergies’ trading, renewables, and global services businesses "will continue to operate in the Philippines and remain unaffected by this transaction."
TotalEnergies also reiterated its commitment to advancing energy solutions in the Philippines, particularly in the renewable sector.
